Do you own a dry hire compressor? Whether you use it only for your business or rent it to others, it’s imperative that you have this machine covered by a reliable dry hire compressor insurance policy. Below are the following reasons why you need to buy this insurance product.
The risks are uncontrollable
One of the reasons why an owner of a dry hire compressor is compelled to buy and insurance policy is because the risks can become uncontrollable. One very good example is the risk involving a third party user who rents the machine, you have no control if the renter isn’t experienced when it comes to operating it. If you aren’t covered with a dry hire compressor policy, you may be facing bigger problems like having to shoulder all the expenses to repair or replace some parts damaged due to mishandling.
Your financial situation has changed
Another reason why it’s a good time to buy a dry hire compressor insurance policy is that your financial situation has changed and you are now financially stable enough to pay the monthly insurance premiums.
The law requires you to insure this type of machine
Among the reasons you may be compelled to buy a dry hire compressor insurance policy is due to a law in your state. Owners of this type of machine are required to strictly comply or face issues of violation, if found to be operating or renting it without appropriate insurance protection to cover unavoidable events of loss, damage or accidents.
You want to operate this unit with confidence
If you rely on this machine for your daily business needs for drilling purposes and other industrial projects, you want to make sure to operate it with confidence. If an unforeseen event strikes without any warning, you can be sure the insurer you purchased a dry hire compressor insurance policy from will be there to support you, regardless of whether it’s a non-operation claim or third party liability.
What are the types of protection to consider when buying the dry hire compressor insurance?
One of the common types of protection to include in your dry hire compressor insurance is public liability because it protects your business from anyone claiming compensation due to damage to property or to a third party or caused by you or one of your staff while using this machine.
Another type of protection you can add to your dry hire compressor insurance is the employer’s liability against unforeseen incidents involving the machine that causes injury or harm to an employee. The insurer will extend protection where it’s needed, like payment of medical expenses incurred to treat the injured employee or compensation due to days he or she wasn’t able to work.
If you are the one operating this unit, there’s a special type of protection coverage applicable, personal accident cover where you are entitled to a claim in the event you encounter a personal injury while using the machine.